贵州茅台：贵州茅台2024年年度报告

ANNUALREPORT2024 ImportantStatements I.TheBoardofDirectors,BoardofSupervisors,directors,supervisorsandtheseniormanagementoftheCompanyguaranteethattheinformationpresentedinthisreportisfreeofanyfalserecords,misleadingstatementsormaterialomissions,andshallbearindividualandjointlegalliabilitiesforthetruthfulness,accuracyandcompletenessofitscontents. II.AlldirectorsoftheCompanyattendthemeetingoftheboardofdirectors. III.Pan-ChinaCertifiedPublicAccountants(SpecialGeneralPartnership)issuedanunqualifiedauditreportforthecompany. IV.ZhangDeqin,responsiblepersonfortheCompany,JiangYan,responsiblepersonforaccountingwork,andCaiCongying,responsiblepersonfortheCompany’sfinancialaffairs(Accounting Supervisor),haveguaranteedthatthefinancialstatementsinthisreportaretrue,accurateandcomplete. V.TheproposedprofitdistributionplanortheproposedplanofcapitalizationofcapitalreservesinthereportingperiodapprovedbytheresolutionoftheBoardofDirectors.TheCompanyintendstoimplementthe2024annualprofitdistributionbasedonthetotalsharecapitalregistered ontheequityregistrationdateoftheequityallocationminusthesharesinthespecialaccountforrepurchase,anddistributecashdividendof276.24yuan(taxincluded)toallshareholdersforevery10shares.AsofMarch31,2025,thetotalsharecapitaloftheCompanywas1,256,197,800shares,thenumberofsharesrepurchasedinthespecialsecurities account was 1,082,700 shares,and the total share capital minus the number of sharesrepurchasedinthespecialsecuritiesaccountwas1,255,115,100shares.Basedonthiscalculation,atotalcashdividendofRMB34,671,299,522.40(includingtax)willbepaid.Ifthereisanychangeinthetotalsharecapitalofthecompanyminusthesharesinthespecialsecuritiesaccountforrepurchasebeforetheregistrationdateoftheequityallocation,thetotalamountofdistributionwillremainunchangedandtheproportionofdividendpersharewillbeadjustedaccordingly.Theaboveprofitdistributionproposalshallbesubmittedtothegeneralmeetingofshareholdersfordeliberationandapprovalbeforeimplementation. VI.Riskdisclosurestatementforforward-lookingstatementsFutureplans,developmentstrategiesandotherforward-lookingstatementsinvolvedinthisannualreportare subjecttouncertaintyanddonotconstituteamaterialcommitmentoftheCompanytoinvestors.Investorsarerequestedtopayattentiontoinvestmentrisks. VII.Existenceofnon-operationalembezzlementoffundsbycontrollingshareholdersortheirassociatedparties No VIII.ExistenceoffinancialguaranteestoexternalpartiesinviolationoftheregulateddecisionproceduresNo IX.Overhalfofthedirectors’failuretoguaranteethetruthfulness,accuracyandcompletenessoftheCompany’sdisclosedannualreport No X.SignificantRiskPromptsTheCompanyhaselaboratedthepotentialrisksinthechapterof“TheCompanyDiscussionandAnalysisonits FutureDevelopment”.Investorsareadvisedtopaytheirdueattention. XI.Others√Applicable□N/A AllinformationanddatacitedinthisReportareobjectiveandauthentic.FinancialfigureshereinarerecordedinCNY,unlessotherwisespecified.ThisReportispreparedinChineseandEnglish,respectively.IncaseofanyambiguityintheChineseandEnglishtexts,theChinesetextshallprevail. Contents SectionIDefinitions...................................................................................................................................5SectionIICompanyProfileandKeyFinancialResults...............................................................................5SectionIIIManagement’sDiscussionandAnalysis...................................................................................8SectionIVCorporateGovernance............................................................................................................24SectionVEnvironmentandSocialResponsibility...................................................................................46SectionVISignificantEvents...................................................................................................................51SectionVIIChangesinSharesandInformationaboutShareholders......................................................70SectionVIIIPreferredShares...................................................................................................................76SectionIXInformationaboutBond...........................................................................................................76SectionXFinancialReport.......................................................................................................................76 SectionIDefinitions I.Definitions SectionIICompanyProfileandKeyFinancialResults I.CorporateInformation II.ContactInformation III.Companyprofile IV.Informationdisclosureandtheplacewherethereportisavailable V.Stockinformation VI.Otherinformation VII.KeyAccountingDataandFinancialIndicatorsinthepastthreeyears DescriptionoftheCompany'smainaccountingdataandfinancialindicatorsfortherecentthreeyearsattheendofthereportingperiod□Applicable√N/A VIII.Differencesinaccountingdatabydomesticandoverseasaccountingstandards(I)Differencesinthenetprofitsandnetassetsattributabletoshareholdersofthecomp